Base Oil Price: Latest Graph, Historical & Forecast Data
Price of Base Oil Second Quarter 2024:
- United States: 1732 USD/MT
- China: 818 USD/MT
Factors Influencing Base Oil Prices Trend Across Different Regions:
Base Oil Price Trend in the United States:
During the last quarter of 2024, the base oil prices in the United States reached 1732 USD/MT. The base oil price trend saw a significant price increase, largely due to rising crude oil prices and higher production costs influenced by geopolitical tensions and supply chain challenges. Refiners have responded by increasing base oil production, leading to a noticeable rise in output compared to the previous year. Seasonal factors, such as stockpiling for the summer driving season and hurricane preparations, also supported higher prices.
Base Oil Price Trend in APAC Regions:
In the Asia-Pacific region, prices surged due to supply constraints caused by maintenance shutdowns and disruptions at key production facilities. The automotive and manufacturing sectors’ strong demand intensified competition, particularly in China, where prices fluctuated as robust demand and cautious buying behaviors kept prices on an upward trend throughout the quarter. This reflects an overall positive market outlook.
Base Oil Price Trend in European Regions:
In Europe, the market transitioned from a bearish to a bullish trend, especially in Germany, where price volatility was significant. After a slow start due to holidays, demand rose sharply in May as operational costs and supply shortages became more apparent. Seasonal factors, including the summer driving season, also contributed to rising lubricant demand and subsequent price increases by June.
Base Oil Price Trend in Middle East Regions:
In the Middle East, base oil prices increased significantly, driven by higher freight rates and supply shortages following Ramadan. Trading activity picked up as lubricant blenders replenished stocks in anticipation of rising sales. Additionally, ongoing geopolitical tensions, such as shipping disruptions caused by Houthi rebel attacks, further strained logistics, leading to longer shipping routes and contributing to the region’s upward price trend.
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Key Details About Base Oil Industry:
The base oil Industry is driven by strong demand from key industries, especially the automotive and industrial sectors. With advancements in vehicle technology and the need for more fuel-efficient engines, the demand for high-quality Group II and Group III base oils has increased, given their superior performance. Additionally, the push for sustainability has led to a rise in the use of bio-based and recycled base oils, further boosting the market. The automotive industry’s expansion, particularly with the growing production of electric vehicles (EVs), is also shaping market trends as these vehicles require specialized lubricants.
Price Trend Overview and Detailed Regional Analysis:
Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco
Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
North America: United States and Canada
Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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